The latest attempt to declare that the worst is over is made by Morgan Stanley, who came up with a presentation which titled “China equities – a new bull market begins amid macro-uncertainty”.

The reason being that Chinese stocks are very cheap, bloody cheap, and absurdly cheap (among some other things).”

Irony here, of course. Among Morgan Stanley’s phony expressions used in their last presentation are “the worst is over“, “China’s PMI has expanded for the 5th consecutive month“, “China new loan growth is starting to pick up” (even though new loan growth on China’s big 4 banks is almost nill)…